FOOD and beverage company RFM Corp. said its net earnings for the first half of the year grew by 8 percent from a year ago mainly on the strong sales of its Selecta ice cream and homegrown brand Fiesta pasta.
In a disclosure to the Philippine Stock Exchange, RFM said its net income from January to June rose to P508 million from P472 million realized in the same period last year.
Revenues grew by a slower 5 percent to P5.8 billion from P5.49 billion last year.
Jose Concepcion 3rd, RFM president and chief executive, said sales of Selecta ice cream and the company’s homegrown brand Fiesta pasta posted strong growth during the period in review.
“Ice cream sales got a boost from the combined impact of El Niño and the usual hot weather during summer. The company’s Fiesta pasta and sauce brand, White King cake and flour mixes as well as Selecta Milk likewise saw good top-line growths for the period,” Concepcion said.
“Improvements in our supply and distribution system also supported the growth momentum in sales and profits,” he said, adding that RFM expects to sustain its top-line growth momentum for the second half of the year.
Just recently, RFM raised some P100 million from the sale of 25 million in treasury shares at P4 apiece.
“The sale of 25 million treasury shares [last Friday]was through an ordinary cross-sale transaction and was not covered by any purchase agreement,” the company said, which still has 3.5 million in treasury shares to be sold.